Business Management ACC414 Intermediate Accounting 1 Fall 2009 Section 011

Transcription

1 Business Management ACC414 Intermediate Accounting 1 Fall 2009 Section 011 Instructor: Dr. Guoping Liu Office: TRS Phone: (416) x gliu@ryerson.ca Class Time and Location: Tuesday KHW057 Office Hours: Tuesday 1:30pm-2:30pm Course Website: PREREQUISITE: ACC406 or Direct Entry METHODS OF POSTING GRADES: Assignment grades will be posted on the course website within two weeks after the assignment is due. Midterm test grades will be available within two weeks after the test is written by the return of the test during the scheduled class. Final exam grades will be provided through the RAMSS system as released by the university. USAGE & LIMITS: Students are required to activate and maintain a Ryerson Matrix account. This shall be the official means by which you will receive university communications. See All students are expected to use their Ryerson address for all communication with their instructor. The subject area of an message should contain the course code (ACC 414) or the message may not receive a response. Student s will be returned within three academic days. Questions on the course materials should be addressed in class or during office hours. INTERNET: Students will be required to use the internet to access the lecture notes, selected solutions, and additional readings.

2 COURSE DESCRIPTION: This course reviews and embellishes the financial reporting requirements as presented in generally accepted accounting principles (GAAP). The topics include revenue recognition and the asset side of the balance sheet. Students should expect to use and expand on the application of all the generally accepted accounting principles and concepts covered in their introductory financial and management accounting courses. The course also introduces students to international financial reporting standards. To be successful in the course, students should be prepared to work independently outside the class sessions. Students who do not have the prerequisite may be removed from the course at any time before the end of the semester. COURSE OVERVIEW: Intermediate accounting expands the knowledge acquired in introductory financial and management accounting. The course reviews the preparation of the financial statements, revenue recognition and the asset side of the balance sheet. This course provides the basic knowledge of accounting which will be used in all of the advanced accounting courses. COURSE OBJECTIVES: Upon completion of the course, students will be able to: 1. prepare the statement of income and comprehensive income, statement of retained earnings and the balance sheet. 2. recognize the importance of the accounting principles in relation to the recording of the accounting transactions. 3. understand the various options outlined in the recommendations in the CICA Handbook with respect to revenue recognition and the accounting for assets. 4. understand the key differences between Canadian GAAP and the International Financial Reporting Standards (IFRS). METHOD OF EVALUATION: The grade for this course is composed of the mark received from each of the following components: Method Percent/Weight Group Assignments 10% (5% 2 assignments ) Midterm Tests 40% (20% 2 tests) ** Final Exam 50% Total 100% **Students must earn a passing grade on the final to pass the course and the total marks for the course must exceed 50%. 2

3 1. Group Assignments There will be two group assignments, each representing 5% of the final grade. Each group consists of a maximum of five students. All students will be randomly assigned to a group by the instructor. A name list of group members will be posted on the course website before the second class. Each group should hand in their solution at the beginning of the class when it is due (see class schedule for assignment due dates). The solution should not exceed 8 pages including the cover page and should be typed, single sided and double-spaced. Each member of the group who actively participates in completing the assignment must sign the cover page of the submitted solution as verification of their participation. Each student will be awarded the mark assigned to the group unless other group members advise the instructor that a member has not been involved in the preparation of the assignment. In those cases, the instructor retains the right to adjust that group member s grade to zero or down by one full grade. Late assignment will not be accepted and all the group members will receive zero on the assignment. 2. Midterm Tests There will be two 1½-hour midterm tests, each representing 20% of the final grade. The first test will cover the materials in textbook chapters 1-6 and related IFRS readings, and will be given during week six of the course (see class schedule for the date). The second test will cover the materials in textbook chapters 7, 9-11 and related IFRS readings, and will be given during week eleven of the course (see class schedule for the date). BOTH MIDTERM TESTS WILL BE CLOSED BOOK. 3. Final Exam A 2½-hour compulsory final examination covering the complete course and representing 50% of the final grade. The final exam will be scheduled by the university. THE FINAL EXAM WILL BE CLOSED BOOK. Missed Test or Exam You must inform your instructor of any situation which arises during the semester which has an adverse effect on your academic performance and you must request any necessary considerations or accommodations. A doctor s certificate is required to substantiate illness. See for the required Ryerson medical form. Religious Observance requests are to be made formally within the first two weeks of class. See to 3

4 If you are missing a term test you must do the following: Inform your instructor by prior to the test. Present the completed official Ryerson medical certificate to your instructor within three working days or no later than the next scheduled class. Make-ups will cover similar material as the original, but may be in a different format. If you miss the scheduled midterm test and make-up test, the marks will be reweighted to the final exam. If you are missing the final exam you must do the following: Inform your instructor by prior to the exam. Within three business days of the final exam, please present the completed official Ryerson medical certificate to your instructor. If the medical documentation is approved and the instructor assigns an Incomplete (INC), it is the student s responsibility to arrange with the instructor to write a makeup exam at the first available opportunity. INC Incomplete course work or a missed final examination due to documented medical or compassionate grounds. An INC can be awarded only when the completion of the outstanding work or an alternate final examination may result in a passing grade. The outstanding work or alternate examination must be completed by a specified date within three months of the submission of the INC. The INC will be replaced by an official course grade when the work is completed. If the work is not completed by the deadline, the INC will become a grade of F. The designation INC is not included in calculating the GPA nor is it counted as a course credit or failed course. Passing Requirements Students must receive a passing grade on the final exam before the other portions of the course evaluations can be included in their grade. For example, if a student receives a B on their term work, but receives less than 50% on the final exam, they will receive an F in the course. The total of all the components of the course must exceed 50% for a student to earn a passing grade in the course. METHOD OF INSTRUCTION: This course will incorporate the following teaching/learning methods: Lecture, discussion and problem solving. TEXTS: Every student is required to bring the text book to every class. Photocopies of the text must not be brought to class. Kieso, Weygandt, Warfield, Young, Wiecek, Intermediate Accounting, Volume 1, Eighth Canadian Edition. John Wiley & Sons Canada, Ltd. 4

5 CICA Handbook, Canadian Institute of Chartered Accountants, available on-line at: Connect to library homepage: Select Catalogue Select Title search Type CICA handbook Select Submit Under Connect to Internet Resources Select View Online Select CICA Standards and Guidance Collection. IFRS (International Financial Reporting Standards) RESOURCES: IFRS readings will be posted on Blackboard at IFRS online course can be accessed through You may use your Ryerson address to register. Click on New User fill out the required fields click Register Now click Click Here to Log In type your full Ryerson address and password click on the Learn tab. Once you re ready, click on the module you would like to view. This website provides instructions on how to view the modules, please refer to Getting Started on the Home tab for more information. OTHER COURSE ISSUES: Homework It is the student's responsibility to prepare the homework problems and exercises before coming to a class when the relevant chapter(s) is reviewed in that class. The class presentations are structured for the students to review and correct their homework. The volume of material in the course does not allow time for the students to copy the solutions to the homework assignments. Missed Class Students who miss classes are responsible for obtaining notes, handouts, assignments or test information from other students. The detailed course schedule is available for all students registered in this course through Blackboard. Blackboard During the semester, students should check on the course Blackboard site for new postings of lecture notes, solutions and check figures for selected problems. Calculators The accounting area has established three calculators to be used in all accounting quizzes, tests and exams. The calculator that must be used is a Royal XE24, Royal XE36 or Royal XE48 and is available at the Ryerson bookstore. Variations Within the Course All sections of this course will use the similar methods of delivery, grading and evaluation. Course description and overall objectives will be consistent and comparable in all sections. Faculty Course Survey This academic year the Faculty Course Survey will be administered both in class and on line. Students will be able to complete the surveys in class and through their 5

6 my.ryerson.ca (Blackboard) portal during the scheduled weeks of the semester. CA Student Associate Program Registration fee is $20 Benefits include: fully updated and electronically searchable CICA Handbook, job postings and resume portal, recruiting modules, option to purchase virtual professional library for $30 (including the Income Tax Act) and the option to take advantage of discounted subscription to CA magazine for $25. COURSE CONTENT: TEXT MATERIAL: Topics will be selected from the textbook, chapters 1 through 12. CHAPTER DETAILS 1 The Canadian Financial Reporting Environment 2 Conceptual Framework Underlying Financial Reporting 3 The Accounting Information System, exclude Appendix 3A 4 Reporting Financial Performance, include Appendix 4A 5 Financial Position and Cash Flows, exclude Appendix 5A, include Appendix 5B 6 Revenue Recognition, exclude Appendix 6A 7 Cash and Receivables, exclude Appendix 7A 8 Inventory, exclude Appendix 8A and 8B 9 Investments 10 Acquisition of Property, Plant and Equipment, exclude Appendix 10A 11 Amortization, Impairment, and Disposition, exclude Appendix 11A 12 Goodwill and Other Intangible Assets, exclude Appendix 12A All relevant questions, exercises, problems and cases will be used in the coverage of the material. CICA Handbook References GENERAL ACCOUNTING Section No Financial statement concepts 1100 Generally accepted accounting principles 1300 Differential reporting 1400 General standards of financial statement presentation 1505 Disclosure of accounting policies 1506 Accounting changes 1508 Measurement uncertainty 1510 Current assets and current liabilities 1520 Income statement 1530 Comprehensive income 1540 Cash flow statements 1581 Business combinations 6

7 SPECIFIC ITEMS - ACCOUNTING Section No Cash 3020 Accounts and notes receivable 3025 Impaired loans 3031 Inventories 3040 Prepaid expenses 3051 Investments 3055 Interests in joint ventures 3061 Property, plant and equipment 3063 Impairment of long-lived assets 3064 Goodwill and intangible assets 3110 Asset retirement obligations 3280 Contractual obligations 3290 Contingencies 3400 Revenue 3475 Disposal of long-lived assets and discontinued operations 3480 Extraordinary items 3500 Earnings per share 3800 Government assistance 3805 Investment tax credits 3820 Subsequent events 3831 Non-monetary transactions 3850 Interest capitalized disclosure considerations 3855 Financial instruments recognition & measurement 3862 Financial instruments disclosure 3863 Financial instruments presentation All relevant Accounting Guidelines and EIC Abstracts POLICIES & COURSE PRACTICES: Course Management Every effort will be made to manage the course as stated. However, adjustments may be necessary during the term at the discretion of the instructor. If so, students will be advised, and alterations will be discussed in class and posted on Blackboard prior to implementation. Course Repeats Ryerson Senate GPA policy prevents students from taking a course more than three times. (i.e., registered initially, repeated once, repeated twice = 3 registrations) If you fail a required course for the third time, you will be assigned an academic standing of Withdrawn, and will be ineligible to continue in your program. 7

8 ACADEMIC INTEGRITY: 1. Students are required to adhere to all relevant University policies, such as the Student Code of Academic Conduct. University regulations concerning unacceptable academic conduct (cheating, plagiarism, impersonation, etc.) will be followed. See the Ryerson University calendar or online versions at and and for more explanation. 2. Plagiarism is a serious academic offence and penalties range from zero in an assignment all the way to expulsion from the university. In any academic exercise, plagiarism occurs when one offers as one s own work the words, data, ideas, arguments, calculations, designs or productions of another without appropriate attribution or when one allows one s work to be copied. (See the Ryerson Library for APA style guide references: 3. It is assumed that all examinations and work submitted for evaluation and course credit will be the product of individual effort, except in the case of team projects arranged for and approved by the course instructor. Submitting the same work to more than one course, without instructors approval, is also considered plagiarism. 4. Students who have committed academic misconduct for the first time will, at a minimum receive a 0 on the work, and an instructor may assign an F in the course. The Academic Integrity Seminar will also be assigned and students will have the notation Disciplinary Notice (DN) placed on their academic record and official transcript. The notation shall remain until the students graduate, or for eight (8) years, whichever comes first. 5. Students who commit academic misconduct a second time shall be placed on Disciplinary Suspension (DS) for up to two years, at which time they may apply for reinstatement to a program. The designation DS shall be placed on their permanent academic record and official transcript. The notation shall remain until students graduate, or for eight (8) years, whichever comes first. 6. Disciplinary Withdrawn standing (DW) shall be permanently noted on students academic records and official transcripts. 7. Expulsions shall be permanently noted on students academic records and official transcripts. 8. NOTE: Students may not drop a course when they have been notified of the suspicion of academic misconduct. If a student attempts to drop the course, the Registrar s office will re-register the student in that course until a decision is reached. 8

9 9. When an instructor has reason to suspect that an individual piece of work has been plagiarized, the instructor shall be permitted to submit that work to any plagiarism detection service. Cheating on an Exam or Test: Ryerson s Examination Policy requires that all students have a valid student identification card or other photo identification on their desk at all times when taking an examination. If it is suspected that someone is impersonating a student, the photo identification of that person will be checked, and the person will be asked to sign the exam paper for further verification. If it is suspected that the identification is not valid, students may be asked to provide alternate photo identification. Security may be called, if circumstances warrant. Accommodation for Religious Observance: Students must file the necessary forms for accommodation of religious observance at the beginning of the term, or for final exams, as soon as the exam schedule is posted (see policy on Accommodation of Student Religious Observance Obligations and related form). Please refer to Accommodation for Disability: Students who wish to utilize the Access Centre must submit documentation to the instructor prior to a graded assignment, test or exam, according to the Access Centre Policies and Procedures. For tests/midterms exams, it is the student s responsibility to book an upcoming test at least 7 days prior to the date of writing the test. For final exams, it is the student s responsibility to book an upcoming final exam time at least 2 weeks prior to the beginning of the examination period. The student must confirm the date with the instructor. For complete details please refer to: Student Responsibilities in Academic Appeals Students should read the Undergraduate Academic Consideration and Appeals policy at ( It is the student s responsibility to notify and consult with either the instructor, or the Chair/Director of the teaching department/school, depending on the situation, as soon as circumstances arise that are likely to affect academic performance. It is also the student s responsibility to attempt to resolve all course related issues with the instructor and then, if necessary, with the Chair/Director of the teaching department/school as soon as they arise. An appeal may be filed only if the issue cannot be resolved appropriately. Students who believe that an assignment, test, or exam has not been appropriately graded must review their concerns with their instructor within 10 working days of the date when the graded work is returned to the class. Standard for Written Work Students are expected to use an acceptable standard of business communication for all assignments. You are encouraged to obtain assistance from the Writing Centre ( for help with your written communications as 9

10 needed. (See the Ryerson Library for APA style guide references: MAINTAINING A PROFESSIONAL LEARNING ENVIRONMENT: Laptop computers, cell phones, or other devices should not be used in the classroom as they are distracting to other students, speakers and your instructor. Students who do not comply will be asked to leave the classroom. Academic Grading Policy Evaluation of student performance will follow established academic grading policy outlined in the Ryerson GPA Policy The grading system is summarized below: Definition Letter Grade Grade Point Conversion Range A Excellent A A B Good B B C Satisfactory C C D Marginal D D Unsatisfactory F